Flip Tip Summary
Many of us are guilty of working our tails off to provide for our families, yet haven’t put in place some simple measures to make sure that the wealth we’ve created is safe in the event that something happens to us. Attorney Matthew Mullhofer tells us more in this FlipNerd.com Flip Tip. It’s an important one…don’t miss it!
Flip Tip Transcript:
Mike Hambright: Hey, it’s Mike Hambright from FlipNerd.com and we have a quick VIP flip tip to share with you from attorney Matthew Mullhofer, who’s going to share a tip on protecting your assets for the ones you love.
Matthew Mullhofer: So, Mike, what we like to do is talk about investing in real estate. It’s an exciting time, it’s a great time to make some money and build your wealth. But a lot of our clients will not do the right thing and call us ahead of time and find out what the importance is of setting up your proper trust and company before getting a transaction of an asset, or investment of an asset. So what we like to do is educate them ahead of time. Help them get an entity properly set up before they get into a transaction, get into a purchase. And once they purchase that property, we’ll advise them on how to title the property under the name of the LLC or land trust or living trust. So that if down the road they get into a situation where they might get sued or involved in a lawsuit, those assets are protected if we get those shielded ahead of time and making sure that the family wealth stays within the family and it doesn’t go to the wrong person or wrong party.
Mike Hambright: Thank you for joining us for another FlipNerd flip tip.
We’d like to thank our sponsors, RealtyMogul.com and National Real Estate Insurance Group.
To access the most robust social platform in existence for real estate investors, where you can find off-market wholesale deals, find great vendors to help you in your business, and learn and socialize with other real estate investors, please visit the all-new FlipNerd.com. If you’re not yet a member, you can set up a free account in less than a minute.
Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.